Aldermore has completed a residential mortgage-backed securities (RMBS) transaction which will raise £325m of new funding for the bank.
The finance will support the specialist bank as it looks to continue the development and delivery of products to meet the needs of its retail and SME customers.
Oak No 2 PLC (Oak 2) is the first RMBS transaction sponsored by Aldermore since its inaugural Oak deal in 2014, which raised £333m.
Oak 2 is backed by a portfolio of prime UK owner-occupied residential mortgages originated by Aldermore.
The announcement comes after Aldermore recently revealed it had increased its net lending to customers to £9bn for the 18 months to 30th June 2018.
“This is a fantastic achievement for the bank in showing its continued diversification and access to wholesale markets despite a four-year absence from the securitisation market,” said Stephen Grainger, group treasurer at Aldermore (pictured above).
“The proceeds will support our loan book growth to SMEs, homeowners, landlords and individuals as we continue to provide them with ‘banking as it should be’.”
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